The Reserve Bank of India (RBI) has requested information from local banks regarding their exposure to the Adani Group of Companies, according to a report by Reuters.
After the conglomerate run by entrepreneur Gautam Adani decided not to proceed with the fully subscribed Follow-on Public Offer, shares in the Adani group of firms fell sharply on Thursday (FPO).
The company stated yesterday that it “aims to defend the interest of its investment community by returning the FPO funds and withdraws the completed transaction” due to the exceptional scenario and the present market volatility.
In a speech to investors, Gautam Adani, the chairman of the Adani Group, stated that given the state of the market, it would not be “morally acceptable” to proceed with the 20,000 crore share. Conglomerate’s U-turn is anticipated to affect investors’ perceptions.